Can Bitcoin settle at the level of USD 9300? And, some expect the Chinese fund will be invested in the cryptocurrency

고다솔 인턴기자

| 기사입력 2020/07/07 [11:52]

English

Can Bitcoin settle at the level of USD 9300? And, some expect the Chinese fund will be invested in the cryptocurrency

고다솔 인턴기자

| 입력 : 2020/07/07 [11:52]

Even with the surge of COVID-19, the U.S stocks jumped last night, led by tech giants and the surge of Chinese stocks.

On July 6th(local time), Dow Jones Industrial Average 30 Index traded at 26,287.03, climbed 1.78% compared to the previous session; the S&P 500 Index at 3179.72, advanced 1.59%; Nasdaq Technology Sector Index at 10,433.65, surged 2.21%, scoring a fresh closing record.

For last 24 hours, Bitcoin(BTC) temporarily recovered the level of USD 9,300 with a short-term positive momentum. It, however, has witnessed minimal movement over the past 10 days in the range of USD 8,800 to USD 9,300.

"BTC can rally to the USD 10K after breaking above the resistance line at the USD 9,300. While the digital currency falls below the supporting line of the USD 8,800, its price can be dipped by the level of USD 8,630," reported Coindesk.

"For last 3 weeks, BTC price plummeted from the level of USD 10,400, its upward momentum was changed from USD 9,800 to USD 9,300. And the downward momentum decreased from the USD 8,900 to USD 8,800, a strong supporting line. But its rise potential is gradually declining. In the short-time, it is necessary to watch whether BTC price can settle at the level of USD 9,300. If it settles at the USD 9,300, BTC price is highly likely to rally. Or, its upward momentum would be decreased at the level of USD 9,200. Then, the supporting line of USD 8,800 is likely to be broken. Considering the recent low trading volume and flat market, it would be better to just observe the market trend," said Neo, an analyst of OKEx.

"Shanghai stocks rose for five trading sessions in a row, leading the rise of Asian Financial Market. FTSE China A50 hits the new high since February 2008, ended at 15,697, advanced by 5.03% compared to the previous session. China dominates sizeable proportion in the cryptocurrency investment market. If Chinese traders are willing to endure risks, it would prompt more traders purchase BTC," reported Bitcoinist, anticipating the rise of BTC price.